Havermill Co. establishes a $250 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $73 for Office Supplies, $137 for merchandise inventory, and $22 for miscellaneous expenses. The fund has a balance of $18. On October 1, the accountant determines that the fund should be increased by $50. The journal entry to record the reimbursement of the fund on September 30 includes a:
A. Debit to Office Supplies for $73.
B. Debit Petty Cash for $232.
C. Credit to Merchandise Inventory for $137.
D. Credit to Cash for $250.
E. Credit to Cash for $18.
Answer: A
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A. 4.17 B. 5.95 C. 2.22 D. 3.17
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Indicate whether the statement is true or false